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Legislative Assembly for the ACT: 1996 Week 11 Hansard (26 September) . . Page.. 3625 ..

Mr Speaker, in order to minimise possible losses of potential revenue as a consequence of hiring arrangements being hurriedly entered into to avoid the new duty, an implementation date of 1 October has been set.

It is proposed that the first return for commercial hirers will not be due until 30 days after the Gazettal of the legislation in respect of all completed months from October 1996. Non-commercial hirers will also have 30 days from date of Gazettal to lodge the required documents (or statements) relating to dutiable hires entered into on or after 1 October 1996.

Finally Mr Speaker, a transitional provision is also proposed that will allow the Commissioner for ACT Revenue to waive duty in cases where the Commissioner was satisfied that the agreement for the hire had been negotiated prior to the date of the Budget announcement but was not able to be executed by 1 October 1996. Such a decision will be subject to review by the Administrative Appeals Tribunal.

It is estimated that this tax will generate revenue of approximately $1.35 million in 1996-97 and $2 million annually thereafter.

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